Chicago Board of Trade corn futures ended higher on Monday as bargain-buying and worries about US planting delays help lift values after the front seven contracts fell to contract lows, traders said. CBOT July corn settled up 4-3/4 cents at $3.56-1/2 per bushel, turning higher after recording a contract low at $3.43.
Plentiful domestic and global corn supplies hung over the market, depressing prices in early moves. Commodity funds hold a massive net short position in CBOT corn futures, leaving the market vulnerable to bouts of short-covering.
Support noted from fears that widespread planting delays in the US Midwest could limit 2019 corn production.
Ahead of the US Department of Agriculture (USDA)'s weekly crop progress report, analysts surveyed by Reuters on average expected the government to report US corn planting progress as 35 percent complete, up from 23 percent a week earlier but well behind normal.